Yemisi Izuora/Ijeoma Agudosi
To ensure sufficiency in petrol supply, the federal government has issued additional import allocations for at least 300,000 tonnes of petrol for the remainder of the third quarter.
The allocations, is to add up to the 1.5 million tonnes issued for the third quarter earlier this year to at least 37 importers.
The Petroleum Products Pricing Regulatory Agency (PPPRA) issued the new allocations late last week, but traders said the amounts were only given to companies that had already fulfilled their previous allocations, Reuters reported.
Some of the companies that received the initial allocations have struggled to import, traders said, due to delays to subsidy payments from the government.
“Funding is still an issue, but some of these companies have strong balance sheets,” the report quoted an unnamed trader said.
Nigeria is almost entirely reliant on imports for its daily consumption of some 40 million litres of petrol.